Floor to Ceiling

         Revenues exceed expenditures by $13,038, an amount that will be put into the Fund Balance to help maintain a 30% unassigned fund balance at year-end.

 

THE VICTORIA RECREATION CENTER

PROPOSED LEVY FOR 2015 DOWN BY $65,000

         The Finance Manager also presented a draft budget on September 8th for the Victoria Recreation Center.  "The Rec Fund levy is lower than last year by $65,000," she said.  "The goal is that the Rec Center will come to not rely on tax funds."

         Proposed 2015 revenues for the Rec Center total $1,049,715.  Proposed 2015 expenditures total $1,016,781. 

         Most Rec Center Revenue (58%) comes from Charges for Services "and the bulk of that is from the School District Lease," said Kelly.  In the VCR budget, Charges for Services total $604,715.  Of that amount, $450,465 is from School District 112, who is in partnership at the Rec Center with the City of Victoria.  Dollars from the School District increase 2% each year.

         As for expenditures of the Victoria Recreation Center, "by far the largest (45%) is for Debt Service," said Kelly.  Debt service for 2015 is projected to be $456,771.

         Other expenditures include Wages and Benefits ($173,505); Supplies, Repairs, Maintenance ($78,570); Contracted Services and Utilities ($279,071); Miscellaneous ($28,864).

 

CAPITAL IMPROVEMENTS INCLUDED

IN VICTORIA’S PRELIMINARY 2015 BUDGET

         The Finance Manager pointed out that the 2015 capital improvement items are included and adopted with the budget.  Kelly reminded council, "Any item over $10,000 requires council approval."  In other words, because it's included in the budget does not mean it's an automatic expenditure.

         Proposed Capital Improvements for 2015 come with a total price tag of $7,200,557.  They include Public Works Capital Equipment ($82,000), Street and Utility Reconstruction ($2,947,000 for work on 78th Street, Kochia Lane, and Ridge Ponds Drive), Park Improvements ($540,000), Sewer ($486,059), Stormwater Management ($70,000), the new Water Storage Facility at Rhapsody ($2,995,498), plus General Fund Expenditures ($80,000).

         Kelly said that each year for the past several years, the biggest capital improvement remains street and utility reconstruction.  She said that new municipal wells (each costing over $1.6 million) are budgeted for 2016 and 2019.

 

THE MATH ON VICTORIA’S TAX RATE

TAKING ONE PARAGRAPH AT A TIME

         Property taxes on a home or business includes more than just the city tax.  It also includes the county tax, the school district tax, and metropolitan taxes.

         How is a homeowner's city tax determined?  You take the tax capacity times the city's tax rate.

         What is the tax capacity?  The tax capacity is roughly 1% of the taxable market value.  A home with a taxable market value of $350,000 has an approximate tax capacity of $3,500.

         What is the city's tax rate?  It is projected to be 33.75% in 2015, which is a decrease of 4.14% from 2014.

         How is a city's tax rate determined?  You take the total tax levy and divide it by the total tax capacity.  A city 's total tax capacity is determined by adding the tax capacities of all individual parcels of property in the entire city. 

         The City of Victoria's total tax levy is proposed to be $4,141,800 in 2015.  The city's total tax capacity for taxes payable in 2015 is $11,719,480. 

 

FINAL ARBOR WOODS PLAT APPROVED

BRINGING 15 NEW HOMES TO VICTORIA

         In one fell swoop on September 22nd, Council approved the rezoning, preliminary plat, conditional use permit, and final plat for Arbor Woods, a development of 15 single family homes to be located next to Emerald Crest on Bavaria Road.

         The property is owned by the University of Minnesota and being developed by the Meridian Land Company.

         Ben Gozola, the interim Victoria City Planner, reported that the property consists of 19.4 acres that include 11.12 acres of wetlands, buffers, and ponds.  He said the city will be accepting cash in lieu of land dedication in the amount of $38,902 as well as a recreation facilities fee of $2,500 per lot.  The developer is also constructing a trail across the property. 

         Said Mr. Gozola,  "The development meets all the code requirements."  Council approved the project unanimously.

         Said Mayor Tom O'Connor, "Hats off to the staff and the Meridian developers as well.  This was not a Herculean effort but a significant one, to accomplish all of these things by tonight."

 

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